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Wednesday, July 30, 2008

Swift Kick to Fanny, Not Bail Out, Needed in Mortgage Crisis

By John W. Lillpop

President George W. Bush solidified his liberal credentials on July 30 when he signed a billion dollar giveaway to irresponsible home buyers, greedy, bloodsucking lenders, and two private institutions, Fannie Mae and Freddie Mac, created by Congress to stabilize, not devastate, the home lending industry.

With his signature, President Bush transferred the responsibility for poor judgment and fiscally reckless (perhaps criminal) behavior from the involved parties onto the backs of American taxpayers.

Most Americans handle their finances responsibly, seeking to live within their means and without being a burden to society. As it turns out, such people are complete fools, at least according to President Bush and the US Congress.

In view of the huge bail out signed into law, several questions immediately come to mind:

*Why should any responsible citizen scrimp and save when those who engage in reckless and irresponsible behavior can count on being bailed out with taxpayer money?

*Where is the clarion call for congressional investigations to get to the bottom of this scandalous rip off?

*Why are the involved CEOs in the lending community and at Freddie Mac and Fannie Mae not subpoenaed to testify under oath before congress?

*Where are all of those do-gooder "public servants" who claim to be committed to oversight of the administration on behalf of the American people?

The bottom line question: Does anyone really care about personal responsibility and integrity anymore?